CRITERIA FOR ASSESSING THE QUALITY OF THE AUDIT OF COMMERCIAL BANKSʻ FINANCIAL STATEMENTS AND THE FORMATION OF KEY AUDIT MATTERS (ISA 701)
DOI:
https://doi.org/10.5281/zenodo.21040813Keywords:
audit quality, key audit matters, KAM, ISA 701, bank audit, audit quality indicators (AQI), ISQM, audit report, transparency, audit committee.Abstract
The article develops criteria for assessing the quality of the audit of commercial banksʻ financial
statements and recommendations for forming key audit matters (ISA 701). The research problem is the absence
of a unified system of criteria for objectively assessing bank audit quality and of a methodology for forming
KAMs tailored to banksʻ specifics. Based on the IAASB audit-quality framework, a four-group system of criteria,
audit quality indicators (AQI) and typical KAMs for banks are proposed and tested on the example of JSCB
ʻXalq Bankʻ. As a result, the transparency of the audit report is increased.
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